SonicWall posts surprise loss for Q1

MichaelBaron

SonicWall
snwl
is losing more than 19 percent to $3.50 after the Sunnyvale, Calif., Internet security products firm posted a pro forma loss of $2 million, or 3 cents per share, for the first quarter, falling short of Wall Street's consensus estimate for a breakeven performance. Revenue dropped 28 percent in the latest three months to $20.3 million from $28.1 million in the same period a year earlier. The company added that co-founder Sudhakar Ravi has stepped down as chief technology officer, and that Ron Heinz has resigned from his senior vice president of sales position. Ravi will remain involved with SonicWall as a technology advisor.

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